Recently, diffusion-based methods have achieved great improvements in the video inpainting task. However, these methods still face many challenges, such as maintaining temporal consistency and the time-consuming issue. This paper proposes an advanced video inpainting framework using optical Flow-guided Efficient Diffusion, called FloED. Specifically, FloED employs a dual-branch architecture, where a flow branch first restores corrupted flow and a multi-scale flow adapter provides motion guidance to the main inpainting branch. Additionally, a training-free latent interpolation method is proposed to accelerate the multi-step denoising process using flow warping. Further introducing a flow attention cache mechanism, FLoED efficiently reduces the computational cost brought by incorporating optical flow. Comprehensive experiments in both background restoration and object removal tasks demonstrate that FloED outperforms state-of-the-art methods from the perspective of both performance and efficiency.